Smithfield Partners Limited |
Registered number: |
06754735 |
Balance Sheet |
as at 31 December 2023 |
|
Notes |
|
|
2023 |
|
|
2022 |
£ |
£ |
Fixed assets |
Tangible assets |
3 |
|
|
2,251 |
|
|
2,184 |
|
Current assets |
Debtors |
4 |
|
171,264 |
|
|
218,191 |
Cash at bank and in hand |
|
|
205,069 |
|
|
195,655 |
|
|
|
376,333 |
|
|
413,846 |
|
Creditors: amounts falling due within one year |
5 |
|
(135,597) |
|
|
(111,031) |
|
Net current assets |
|
|
|
240,736 |
|
|
302,815 |
|
Total assets less current liabilities |
|
|
|
242,987 |
|
|
304,999 |
|
Creditors: amounts falling due after more than one year |
6 |
|
|
(25,000) |
|
|
(35,000) |
|
|
|
Net assets |
|
|
|
217,987 |
|
|
269,999 |
|
|
|
|
|
|
|
|
Capital and reserves |
Called up share capital |
|
|
|
3 |
|
|
3 |
Share premium |
|
|
|
18,000 |
|
|
18,000 |
Profit and loss account |
|
|
|
199,984 |
|
|
251,996 |
|
Shareholders' funds |
|
|
|
217,987 |
|
|
269,999 |
|
|
|
|
|
|
|
|
The directors are satisfied that the company is entitled to exemption from the requirement to obtain an audit under section 477 of the Companies Act 2006. |
The members have not required the company to obtain an audit in accordance with section 476 of the Act. |
The directors acknowledge their responsibilities for complying with the requirements of the Companies Act 2006 with respect to accounting records and the preparation of accounts. |
The accounts have been prepared and delivered in accordance with the special provisions applicable to companies subject to the small companies regime. The profit and loss account has not been delivered to the Registrar of Companies. |
|
|
|
|
S Nijran |
Director |
Approved by the board on 31 January 2024 |
|
Smithfield Partners Limited |
Notes to the Accounts |
for the year ended 31 December 2023 |
|
|
1 |
Accounting policies |
|
|
Basis of preparation |
|
The accounts have been prepared under the historical cost convention and in accordance with FRS 102, The Financial Reporting Standard applicable in the UK and Republic of Ireland (as applied to small entities by section 1A of the standard). |
|
|
Turnover |
|
Turnover is recognised to the extent that it is probable that the economic benefits will flow to the company and the turnover can be reliably measured. Turnover is measured as the fair value of the consideration received or receivable, excluding discounts, rebates, value added tax and other sales taxes. Turnover from a contract to provide services is recognised in the period in which the services are provided in accordance with the stage of completion of the contract when all of the following conditions are satisfied: - the amount of turnover can be measured reliably; - it is probable that the Company will receive the consideration due under the contract; - the stage of completion of the contract at the end of the reporting period can be measured reliably - the costs incurred and the costs to complete the contract can be measured reliably. |
|
|
Tangible fixed assets |
|
Tangible fixed assets under the cost model are stated at historical cost less accumulated depreciation and any accumulated impairment losses. The assets' residual values, useful lives and depreciation methods are reviewed, and adjusted prospectively if appropriate, or if there is an indication of a significant change since the last reporting date. Depreciation is charged so as to allocate the cost of assets less their residual value over their estimated useful lives, using the straight-line method. Depreciation is provided on the following basis: |
|
|
Computer equipment |
over 3 years |
|
Fixtures & fittings |
over 5 years |
|
|
Borrowing Costs |
|
All borrowing costs are recognised in the Statement of income in the year in which they are incurred. |
|
|
Debtors |
|
Short term debtors are measured at transaction price (which is usually the invoice price), less any impairment losses for bad and doubtful debts. Loans and other financial assets are initially recognised at transaction price including any transaction costs and subsequently measured at amortised cost determined using the effective interest method, less any impairment losses for bad and doubtful debts. |
|
|
|
|
|
Creditors |
|
Short term creditors are measured at transaction price (which is usually the invoice price). Loans and other financial liabilities are initially recognised at transaction price net of any transaction costs and subsequently measured at amortised cost determined using the effective interest method. |
|
|
Taxation |
|
A current tax liability is recognised for the tax payable on the taxable profit of the current and past periods. The current income tax charge is calculated on the basis of tax rates and laws that have been enacted or substantively enacted by the balance sheet date in the countries where the Company operates and generates income. |
|
|
Provisions |
|
Provisions (ie liabilities of uncertain timing or amount) are recognised when there is an obligation at the reporting date as a result of a past event, it is probable that economic benefit will be transferred to settle the obligation and the amount of the obligation can be estimated reliably. |
|
|
Dividends |
|
Equity dividends are recognised when they become legally payable. Interim equity dividends are recognised when paid. Final equity dividends are recognised when approved by the shareholders at an annual general meeting. Dividends on shares recognised as liabilities are recognised as expenses and classified within interest payable. |
|
|
Leased assets |
|
Rentals paid under operating lease are recognised as an expense on a straight line basis over the lease term. |
|
|
Pension commitments |
|
The Company operates a defined contributions pension scheme. The assets of the scheme are held separately from those of the Company in an independently administered fund. The pension cost charge represents contributions payable by the Company to the fund and amounted to £3,036 (2022: £3,506). There were £214.45 contributions payable to the fund at the balance sheet date. |
|
2 |
Employees |
2023 |
|
2022 |
Number |
Number |
|
|
Average number of persons employed by the company |
7 |
|
7 |
|
|
|
|
|
|
|
|
|
|
3 |
Tangible fixed assets |
|
|
|
|
Plant and machinery etc |
|
Motor vehicles |
|
Total |
£ |
£ |
£ |
|
Cost |
|
At 1 January 2023 |
23,834 |
|
9,395 |
|
33,229 |
|
Additions |
2,492 |
|
386 |
|
2,878 |
|
At 31 December 2023 |
26,326 |
|
9,781 |
|
36,107 |
|
|
|
|
|
|
|
|
|
|
Depreciation |
|
At 1 January 2023 |
21,727 |
|
9,318 |
|
31,045 |
|
Charge for the year |
2,708 |
|
103 |
|
2,811 |
|
At 31 December 2023 |
24,435 |
|
9,421 |
|
33,856 |
|
|
|
|
|
|
|
|
|
|
Net book value |
|
At 31 December 2023 |
1,891 |
|
360 |
|
2,251 |
|
At 31 December 2022 |
2,107 |
|
77 |
|
2,184 |
|
|
4 |
Debtors |
2023 |
|
2022 |
£ |
£ |
|
|
Trade debtors |
65,934 |
|
61,066 |
|
Accrued income and prepayments |
|
5,503 |
|
6,664 |
|
Other debtors |
99,827 |
|
150,461 |
|
|
|
|
|
|
171,264 |
|
218,191 |
|
|
|
|
|
|
|
|
|
|
5 |
Creditors: amounts falling due within one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans and overdrafts |
18,486 |
|
13,379 |
|
Trade creditors |
(5,388) |
|
11,432 |
|
Taxation and social security costs |
69,299 |
|
83,020 |
|
Accruals |
53,200 |
|
3,200 |
|
|
|
|
|
|
135,597 |
|
111,031 |
|
|
|
|
|
|
|
|
|
|
6 |
Creditors: amounts falling due after one year |
2023 |
|
2022 |
£ |
£ |
|
|
Bank loans |
25,000 |
|
35,000 |
|
|
|
|
|
|
|
|
|
|
7 |
Other information |
|
|
Smithfield Partners Limited is a private company limited by shares and incorporated in England. Its registered office is: |
|
Hart House Business Centre |
|
Kimpton Road |
|
Luton |
|
LU2 0LA |